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Fitch rates Pinnacle Bidco/PureGym notes, revolver B-
Fitch Ratings said it assigned Pinnacle Bidco plc's (PureGym) £805 million-equivalent bond issue an expected senior secured rating of B- with a Recovery Rating of RR4.
Fitch also assigned its super senior revolving credit facility an expected rating of BB-.
“The B- IDR reflects the group's high leverage, weak fixed charge cover ratios, and negative post-capex free cash flow (FCF), which are balanced by its leading market positions in the U.K. and Denmark in the value gym segment and projected EBITDA growth. We see limited rating headroom in the near term,” Fitch said in a news release.
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